March 3, 2017
The Greater Phoenix housing market steadily improved in the last half of 2016, which led to an acceleration in land sales. Total land activity in 2016 was nearly identical to 2015, and indications show that 2017 will see continued improvement, according to Colliers International Greater Phoenix’s H2 2016 Land Report.
The median price in land sales in the latter half of the year was $3.39 per square foot, down from the $3.89 per square foot reported in the first half of the year. The median price for the full year stood at $3.65 per square foot, a 30% jump from 2015’s median price.
While permitting slowed in H2 2016 for both multifamily and single-family projects, the total for the year was ahead of 2015’s pace. “The residential market is slowly bouncing back, supporting permitting activity, while the expanding local population is fueling demand for housing,” the report said.
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